Bad News from Asia Leads Cryptocurrency Prices to Fall Dramatically

Bitcoin first became famous because it was a great way of buying drugs and weapons

Russell Knight
|
17 January, 2018, 06:31

South Korea had previously warned that it will make the anonymous trading of cryptocurrencies illegal, and that it will give the authorities the power to close down exchanges which do not comply by the rules. According to CoinMarketCap, the cryptocurrency closed at Dollars 19475.80 on December 17 and at the time of reporting was trading at USD 12,120.

"Effective regulation of virtual currencies would therefore only be achievable through the greatest possible global cooperation, because the regulatory power of nation states is obviously limited", Wuermeling told an event in Frankfurt.

Chinese officials have already banned cryptocurrency exchanges, but trading and mining digital currencies still remain among the most popular in the world.

Regulators will also target people and companies that provide market-making, settlement and clearing services for centralized trading.

An increasing number of market watchers in South Korea also argues that the government needs to tighten regulations on virtual currencies.

In 1993, violators of the country's real-name financial transaction system were slapped with fines amounting to 60 percent of their financial assets.

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"Bitcoin faces a regulatory crunch sooner or later and increasingly we see signs of this starting to bite following South Korea's tentative plans to ban trading on cryptocurrencies and China's move to shutter mines".

Trading volumes in South Korea and Japan, another major market for digital currencies, have thinned in recent days, suggesting investor enthusiasm dipping.

Even as market participants were breathing easy, the cryptocurrency universe experienced a setback, with majority seeing a sharp pullback today.

That pushed ethereum's market capitalization down to $108 billion and lowered ripple's value to $53 billion. Now, the cryptocurrency market cap has hit $590 billion. As another domestic cryptocurrency exchange Bithumb also took third place, South Korea's speculative investment in digital currency was proved with the figures.

Keep calm and "hodl" on - one of the key trading mantras of every cryptocurrency investor.

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Ether was down by 16 percent, Ripple by 23 percent, Bitcoin Cash by 22 percent, Litecoin by 14 percent at the time of reporting. Now the government is planning to block domestic access to homegrown and offshore platforms that enable centralized trading .

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